If the plan was always to do the demo and then raise at a higher price, why raise now at a discounted price?
I don’t accept that FB and EM would be allowed to invest more at this point without prior public disclosure about the successful demonstration. A private demo followed by a discounted raise to those involved doesn’t pass the sniff test.
That leaves imho only one valid option, being that more money is needed to get to a successful demo.
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